RWA Tokenization Platform Mantra (OM) Surges 40%, Hits New ATH of $2.71

Mantra surged over 40% in the past 24 hours. The real-world asset tokenization platform reached an all-time high of $2.71 on Nov.

Real-world asset tokenization platform Mantra (OM) has seen its price increase by over 40% in the last 24 hours, reaching a new all-time high of $2.71 on Nov. 16.

The token has also seen a surge in open interest in its futures market, which reached an all-time high of $115.64 million — up by 78.22% over the previous day.

This comes as the project has achieved key milestones within the RWA sector, including launching its mainnet and onboarding Google Cloud.

The recent price uptick has also seen activity around OM increase among whales and large investors, with one whale adding another $2.62 million worth of the token on Nov. 16.

Meanwhile, data from IntoTheBlock shows a big jump in OM net inflows from large holders, rising from 716,040 OM on Nov. 13 to 2.39 million OM by Nov. 15.

As reported by Cointelegraph, large investors have been identified to be shifting their crypto holdings to exchanges en masse, suggesting an upcoming sell-off.

However, this doesn’t seem to be the case for OM, as the token’s price has continued to rise despite the overall market sell-off.

The growing excitement within the Mantra community is also fueled by an upcoming airdrop, which has seen the number of daily active OM addresses surge by over 573% in the past three days.

From a technical perspective, OM’s bullish momentum remains intact. On the 1-day OM/USDT price chart, OM is floating above the upper Bollinger Band at $2.0857, suggesting the altcoin is still in a strong uptrend which will potentially bring more price gains for its holders in the upcoming days.

The Average Directional Index (ADX) reading of 35.96 confirms the strength of the uptrend, as values above 25 typically mean the trend surrounding the related asset is strong.

These technical indicators suggest that OM may continue its rally in the short term, with a potential target at the psychological resistance level of $2.50. A breakout above this level could initiate a price discovery phase, enabling the token to reach new highs.

However, a pseudo-anonymous trader going by the moniker Scofield has predicted a brief correction before OM resumes its upward trajectory. If realized, this dip could present an opportunity for further accumulation by both retail and institutional investors.

At press time, OM was exchanging hands at $2.29 per coin.